It’s almost impossible to succeed as a franchise business with anything less than a stellar relationship between the franchisor and franchisee. The more cohesive the two can become, the greater the chances of a flourishing enterprise.
What does it take to develop a winning relationship between franchisor and franchisee?
While one can never guarantee that they’ll “get along” with a prospective business partner, there are ways to forge a solid relationship. These almost always depend upon understanding one’s role as either a franchisor/franchisee, and then fulfilling the responsibilities inherent to said role. So, let’s define these two important business roles, and elaborate their responsibilities.
What is a Franchisor?
A franchisor is the “parent company” that owns the business and facilitates its proven operational model for various locations. Franchise companies give their franchisees the chance to expand their market influence by offering them trademark products and services in exchange for a startup investment fee.
Responsibilities of a Franchisor
- They create the business plan and disseminate it to franchisees for seamless execution.
- Franchisors provide startup and ongoing training to help the franchisee become proficient in all the company’s best practices.
- They also establish marketing mechanisms, and provide resources such as franchise websites, paid advertising, and social media pages.
- The franchisor also helps franchisees stay abreast of market trends and make adjustments.
What is a Franchisee?
A franchisee pays a fee to access the franchisor’s business model, which they then execute for the benefit of the franchisor and themselves. It’s a terrific way to become a business partner rather than just an employee in a company.
Responsibilities of a Franchisee
- The franchisee must pay for startup costs, royalty fees, and other expenses in order to receive the franchisor’s support, tutelage, and other resources.
- They run the day-to-day affairs of the specific franchise, which includes hiring and training employees, managing payroll, and interfacing with customers.
- Franchisees must communicate with their franchisors when they encounter business difficulties and bottlenecks.
- Franchisees must be coachable and willing to plug into the franchise system rather than invent entirely new business practices.
Island Fin Poke: A Franchisor That Has Your Back
If you’re after a franchise opportunity where the franchisor fulfills those important duties and obligations, then look no further than Island Fin Poke. The lifeblood of our business is the success of our individual franchises, which means we have your back, and will do whatever it takes to see you thrive.
We can’t wait to help you explore business franchising options with Island Fin Poke. Perhaps 2023 is the year you’ll open a Hawaiian poke restaurant in your city. If so, contact us online or give us a call at (702) 755-1258 to learn how.